EU in Anti-Money Laundering Solutions Push for Crypto


Reykjavik, Iceland -- (SBWire) -- 09/30/2022 --The goal of making it more difficult for criminals to tap into crypto for criminal purposes is attracting increasing attention on a global level. In the EU a new agreement has been reached that will extend the rules on information accompanying the transfer of funds so that this also includes crypto currencies. Anti-money laundering solutions, and the regulation behind them, must necessarily expand to include crypto currencies as this is, increasingly, where the largest vulnerabilities lie. The new EU "travel rule" is intended to ensure a much higher level of transparency when it comes to crypto assets than is currently the case. It will also give the EU a robust framework that it can use with respect to ensuring that it meets international requirements and standards on the exchange of crypto-assets.

What this new push for anti-money laundering solutions within the EU will achieve is introducing an obligation on crypto asset service providers to ensure that information about the originator and the beneficiary of crypto assets transfers is much more accessible. This is already a requirement with respect to wire transfers handled by payment operators so it's a logical next step that it should be applied to the expansion of the industry to crypto too. It will mean that it's much easier to trace crypto-asset transfers and give the EU more power when it comes to dealing with the risks of money laundering and financial terrorism. It's part of the range of anti-money laundering solutions that are going to become more focused on crypto in the years to come.

The Lucinity platform is contributing to the broad spectrum of anti-money laundering solutions that are available to individual organisations to help ensure higher levels of compliance going forward. The software uses advanced tech innovation that brings together artificial intelligence with human intelligence to create something incredibly effective and user-friendly. Features such as interpreting, as well as planning and execution are drawn from the vast range of human intelligence skills and combined with the number crunching, analysing big data patterns and memorising large volumes of data that artificial intelligence has to offer. The software integrates key features for anti-money laundering solutions, including effective transaction monitoring, actor intelligence and the Lucinity SAR manager.

Lucinity has created its software with the intention of making a product available that genuinely makes it easier for businesses to use anti-money laundering solutions - and to implement them effectively. It's about ease of use and accessibility, as well as offering other benefits such as a boost to productivity and help to reduce alert fatigue in the monitoring process. The business was established in 2018 and now has offices in Brussels and Reykjavik, London and New York. It has expanded on the basis of some very clear and strong values that include shared intelligence and continuous learning, as well as the pursuit of excellence with integrity and humility.

About Lucinity
Lucinity is an anti-money laundering (AML) software developer on a mission to Make Money Good. Lucinity aims to solve productivity and efficiency issues for financial institutions through the company's 'Human AI' approach, a toolset that combines next-generation AI with human insights and expertise.

By leveraging AI, the AML software learns from every interaction and continues to improve indefinitely, providing fewer false positives and saving time. This is on top of its best-in-class interface and visualizations that put users first. Professionals can experience Lucinity's AML compliance solution, including transaction monitoring, through a free demo environment available on

Lucinity operates globally, with headquarters in Reykjavík, and serves customers ranging from Tier-1 banks to FinTechs.

Company Quote

Founder and CEO, Guðmundur Kristjánsson, comments, "Lucinity's unique experience in banking, compliance, regulation, and data science has helped us develop a new approach to tackling money laundering—harnessing the best of human intelligence and augmenting it with advanced AI.
Our simple-to-use systems work with analysts, not against them, complementing their skills and making them superheroes so they can take on financial crime, saving institutions time and money in the process.

We believe that by transforming AML, we can have a tremendous positive impact on society. Money laundering is a crime that fuels crime. That is why we set out on the mission of Making Money Good."

To find out more information about anti-money laundering Solutions visit
Lucinity are regular attendees at Anti-Money Laundering and FinTech Conventions around the world. To find out about upcoming Lucinity events visit

For any media enquiries please contact Gary Elliott at Iconic Digital – 020 7100 0726.

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For more information about Lucinity services, please go to

- Lucinity is an AML software company, founded in 2018, with offices in Reykjavík, New York, London and Brussels. Using advanced AI systems, we help banks discover money laundering and really know their customers, more efficiently – to stop the funding of serious crime across the world.

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